Rhythm Pharmaceuticals, Inc 8-K, filed Mar 16, 2021
Rhythm Pharmaceuticals, Inc. (RYTM)
About this 8-K
Rhythm Pharmaceuticals, Inc filed this 8-K on March 16, 2021, reporting on events of March 11, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
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| Item 5.02. | Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 11, 2021, the Board of Directors (the “Board”) of Rhythm Pharmaceuticals, Inc. (the “Company”) appointed William T. Roberts as the Chief Accounting Officer of the Company, effective on the commencement of his employment with the Company, which is expected to be on or about March 29, 2021 (the date Mr. Roberts commences employment with the Company, the “Effective Date”). The Board also designated Mr. Roberts as the Company’s principal accounting officer as of the Effective Date, succeeding Hunter Smith in such role. In his ongoing role as Chief Financial Officer and Treasurer, Mr. Smith continues to serve as the Company’s principal financial officer.
Prior to his appointment, Mr. Roberts, age 42, has held roles of increasing responsibility at Ernst & Young LLP, a multinational professional services firm, most recently serving as Partner of Financial Accounting Advisory Services from 2015 until October 2020. Mr. Roberts holds a B.S. in Accounting from Rutgers University and is a Certified Public Accountant.
Pursuant to the terms of his employment offer letter with the Company, the Company has agreed to pay Mr. Roberts an annual base salary of $285,000 and he will be eligible to receive an annual discretionary cash bonus of up to 30% of his annual base salary, based on the achievement of certain Company and individual performance goals. In addition, in connection with his appointment, the Company has agreed to grant Mr. Roberts an equity award comprised of 10,000 restricted stock units and 20,000 stock options under the Company’s 2017 Equity Incentive Plan.
If Mr. Roberts’ employment is terminated without cause or he resigns for good reason, Mr. Roberts will be entitled to receive, subject to his timely executing a release of claims in favor of the Company and continued compliance with a separate restrictive covenant agreement, continued base salary payments for a period of three months following his termination.
In connection with his appointment, Mr. Roberts will also enter into the Company’s standard indemnification agreement for directors and officers.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RHYTHM PHARMACEUTICALS, INC. | ||
| Date: March 16, 2021 | By: | /s/ Hunter Smith |
| Hunter Smith | ||
| Chief Financial Officer | ||